Connect with us

News

Leading Broker: Housing Incentives Fastest Route to Economic Boost, Improved Credit Rating

Published

on

image001With financial experts searching for ways to recover from last week’s stunning further downgrading of The Bahamas’ credit rating, a leading real estate broker today said one answer is right in front of our faces and up and down every block.
According to Mario Carey, incentives to encourage a flurry of activity in the housing market, both new construction and sales of existing homes, will spur economic growth in a way that no other quick fix with long-term benefits can.
“The housing market in Western societies is a leading predictor of economic health,” said Carey, founder and president of MCR, one of the country’s top property sales, leasing and management firms.
“Strong sales mean a strong and healthy economy and when sales fall off, it’s just a matter of time until you see a slide in all aspects of an economy.”
More than just an economic barometer, housing sales translate into jobs, he said.
“Every home that is sold generates three full-time jobs, according to research commissioned by the National Association of Realtors in the U.S.,” said Carey. “Here that number would be even greater. In both places, the spin-offs from home ownership are enormous and create sustainable business activity. It is not just the fees generated by the move itself but the ongoing expenses the homeowner assumes – lawn and gardening services, painting, perhaps pool or roofing or plumbing, electrical, air-conditioning, furniture, décor, appliances. There are also the benefits to government from Stamp Tax. On a luxury property sale of $10 million, for example, government immediately collects $1 million in Stamp Tax. Incentives move people at every income level. If the Stamp Tax is reduced to 6% for a specified time, the buyer considering a purchase may be prompted to complete and save a substantial sum when they split the tax with the seller.”
The highly successful broker who has handled more than one billion dollars in transactions in a career that spans three decades pointed to past successes when incentives were offered.
“When the government offered Stamp Tax exemptions for first time home buyers, we saw a tremendous response,” Carey said. “Then when the first $250,000 of a purchase was exempted from real property tax and Stamp Tax, it was another incentive and when the interest on outstanding balances of real property tax forgiveness was announced, that drove hundreds to bring their past due tax bills up to date. Incentives work and there has never been a better or more important time to introduce them to spur the housing market which in turn will show diversification of the economy leading to a strengthening of our credit rating.”
Carey has long argued that real estate should be recognized as the third pillar of the Bahamian economy, tying activity in the market to new construction, remodels, expansion and more.
“If anyone doubts how critical home ownership is to a healthy economy, look at what happens when sales slump,” says Carey. “When the housing market collapsed in 2008, it took the rest of the economy down with it and we are still feeling the repercussions, though I believe the economy is beginning its slow climb back up for the middle to upper middle class family who was so hard hit by the economic freefall.
“I encourage the government to appoint an ad hoc advisory committee comprised of real estate professionals, developers, financial institutions, the Bahamas Chamber of Commerce and a few successful businesspersons to report back in a relatively short period of time with recommendations for jumpstarting housing sales across the board,” said Carey. “I want to see the day when every Bahamian youngster coming out of school believes that he or she will own a home and that can be their reality. Home ownership is the single fastest route to economic prosperity. And it is one step we can take without damaging the environment or causing long-term negative impacts. It is time to explore the options.”

Magnetic Media is a Telly Award winning multi-media company specializing in creating compelling and socially uplifting TV and Radio broadcast programming as a means for advertising and public relations exposure for its clients.

Government

$94.1Mfor Health; Knowles Pushes to Keep Care at Home

Published

on

Turks and Caicos, April 25, 2026 – A major shift in how healthcare is delivered in the Turks and Caicos Islands is at the center of the Government’s latest budget, with a focus on reducing reliance on overseas treatment and strengthening services at home.

Presenting his contribution to the national debate, Kyle Knowles outlined a strategy aimed at building a more sustainable healthcare system—one that allows more residents to access quality care within the country.

The health sector has been allocated $94.1 million, making it one of the largest areas of public spending in the $550.8 million Budget passed on April 23.

Central to the Minister’s approach is a restructuring of the Treatment Abroad Programme (TAP), which has grown significantly in recent years as more patients are sent overseas for specialized care.

The Government now aims to reverse that trend.

“We are reforming healthcare to ensure long-term sustainability,” Knowles indicated, pointing to efforts to strengthen local services and reduce the need for travel.

The strategy includes improving healthcare infrastructure, expanding services available within the islands and increasing efficiency through the digitization of medical records.

Digitization is expected to support better coordination of care, reduce delays and allow for more accurate tracking of patient needs—part of a broader effort to modernize public services.

The Minister emphasized that the goal is not only cost control, but improved access.

“No family should have to leave home to get quality care,” he said, underscoring the Government’s intention to refocus healthcare delivery on local capacity.

The shift comes as rising healthcare costs continue to place pressure on public finances, with overseas treatment representing one of the most expensive components of the system.

By investing more heavily in domestic services, the Government is seeking to reduce that burden while improving outcomes for residents.

While the direction is clear, details on timelines and the pace of expansion for local services were not fully outlined in the presentation.

Still, the emphasis on sustainability, access and modernization signals a strategic pivot in how healthcare is expected to evolve in the Turks and Caicos Islands.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

Continue Reading

Government

Premier Defends Budget Strategy, Rejects Claims of Inefficiency

Published

on

Turks and Caicos, April 25, 2026 – Premier Charles Washington Misick has pushed back against criticism of the Government’s newly passed budget, defending both its direction and execution as deliberate and necessary for national development.

Wrapping up debate on the $550.8 million Budget, passed on April 23, the Premier dismissed concerns raised by the Opposition about inefficiency, rising costs and gaps in delivery, insisting the Government’s approach is measured and focused on long-term growth.

“This budget is about delivering for our people,” Misick said, as he reinforced the administration’s commitment to infrastructure, healthcare expansion and broader economic development.

Opposition Leader Edwin Astwood had earlier challenged the Government’s performance, pointing to unfilled posts, delayed projects and what he described as weak execution despite increasing allocations.

In response, the Premier rejected the notion that the Government is failing to deliver, instead arguing that building national capacity takes time and sustained investment.

He maintained that staffing challenges are being addressed and that improvements across ministries are ongoing, even as demand for public services grows.

The Premier also defended the scale of spending, framing it as a necessary step to support development across the islands, rather than unchecked expansion.

“We are investing in the future of this country,” he said, pointing to continued funding for infrastructure, community development and public services.

On the question of equitable growth, Misick reiterated his administration’s focus on balanced development, including ongoing investments in the Family Islands.

He argued that progress is being made, even if transformation is not occurring as rapidly as some would like.

Throughout his closing remarks, the Premier leaned on the country’s economic fundamentals—highlighting strong cash reserves, stable growth projections and international confidence in the Turks and Caicos Islands’ fiscal management.

While the rebuttal addressed criticism head-on, it did not significantly alter the structure of the budget or introduce major new measures in response to concerns raised during the debate.

Instead, the Government’s position remained consistent: the plan is in place, the investments are targeted, and delivery will continue.

The exchange underscores a clear divide—between an Opposition pressing for faster, more measurable results, and a Government maintaining that its strategy is already on course.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

PHOTO COURTESY OF THE OFFICE OF THE PREMIER

Continue Reading

Government

Digital Government Push Advances, but Reliability and Security Details Remain Unclear

Published

on

Turks and Caicos, April 25, 2026 – There was no mistaking the enthusiasm of the Minister of Finance, Investment and Trade, E. Jay Saunders, as he laid out his vision for a more digitally driven Turks and Caicos Islands—one where services are faster, systems are connected, and doing business is easier.

But within that forward-looking presentation, what remained notably absent were clear timelines and defined measures to ensure data security and system reliability.

“We are moving toward a fully integrated digital government,” Saunders told the House, as he outlined a future where public services are delivered seamlessly through technology.

With responsibility for the country’s economic and digital transformation, Saunders pointed to several areas expected to be reshaped by the rollout of e-government systems, including revenue collection, business licensing, customs processing and access to public services—all designed to reduce delays, improve compliance and streamline transactions.

The vision is one of convenience and efficiency: fewer lines, faster approvals, and systems that communicate across departments rather than operate in silos.

Within the framework of the Government’s $550.8 million Budget, passed on April 23, the digital push is positioned as a key driver of modernization and improved service delivery.

However, for many users, the experience of government systems today remains inconsistent.

Periodic outages, payment disruptions and service downtime continue to affect daily transactions, raising practical concerns about how quickly the country can transition to a fully digital model.

Despite the scale of the ambition, the Minister’s presentation did not directly address how system reliability will be strengthened or how data will be protected as more services move online.

Those elements—uptime, security and resilience—are critical to public confidence, particularly as businesses and residents become increasingly dependent on digital platforms to access government services.

The direction is clear, and the potential impact is significant.

But as the country moves closer to greater digital dependence, the success of that transformation will ultimately rest not just on what is promised—but on whether the systems can be relied upon when they are needed most.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

Continue Reading

FIND US ON FACEBOOK

TRENDING